I would recommend placing the property in an Illinois Land Trust then leasing the property to the LLC with the right to sublease.Your bank as interpreter of your FHA loan makes the final decision.

Our contractor and the bank's have signed off that everything is kosher.

Prior to my current endeavor, I have worked as a bank officer and real estate attorney.

My total bill last month was $2800 which put's me on track thus far for over 33k per year not including tax returns.I should disclose that I have another business that keeps me traveling pretty much half the year.Our Real Estate business operation looks like this:Property manager handles tenants and collects rents, he deposits all rents into our accounts and coordinates the rent roll with bookkeeping, they cut him a check for his gross collected rent management fee, bank statements are automatically sent to CPA's office for them to reconcile against business credit card statements, they also handle 95% of day to day financial operations from there to include paying contractors, setting up utilities, paying company bills ,bank deposits etc. for 4 and now 5 entities with the short term rental llc.We have a initial goal of 100 doors so I it's pretty easy to see this cost jumping significanly in the not so distant future.

This is also where I ask them to agree to a certain amount of time to allow a return should product fail.   

The money is withdrawn from the TSP and deposited right in your bank account. 

@Colin Courtney I went with Community Trust Bank, pretty sure they also offer services in TN.

Some banks let you refi any time.

A good amount is one that you are comfortable with putting down on a property, and more you are skin in the game you have better it looks when you approach investors, or banks.       

I wonder if people are looking at the math or simply buying anything they can get their hands on and banking entirely on price appreciation.